Steven Rattner is the social-climbing financier who resigned as auto czar because his private…
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Rattner supposedly came to a settlement with the SEC over the case last month by promising not to sell securities for several years, but that appears to have fallen through. What's worse, New York Attorney General and governor-elect Andrew Cuomo also announced today that he's suing Rattner for $26 million, and a lifetime ban from the securities business, over the scheme, in which Rattner's firm Quadrangle Group paid officials in New York's Office of the Comptroller for access to state pension funds.

Ironically, news of the suits comes down on the very day of the rehabbed General Motors' initial public offering, which is attracting a lot of investors and raising tons of money. Good job, Rattner!